If your income or credit is not quite enough on its own, adding another person to the loan can help. There are two ways to do it, and the difference matters.
Co-borrower
A co-borrower shares the loan and the home. Their income and credit help you qualify, and they are listed on the title as an owner. Spouses buying together are the most common example.
Co-signer
A co-signer promises to pay if you cannot, so their income and credit support the application, but they usually do not have an ownership stake in the home. Think of a parent helping an adult child qualify.
What both should know
- Both people are fully responsible for the debt
- Missed payments hurt everyone's credit on the loan
- The loan shows up on both people's credit reports
Adding the right person can move you from a no to a yes. We can run it both ways and show you what changes.